The nonprofit will pay $12.4 million to a partnership led by Jim Winkler of Winkler Development Corp., which developed the building
in 1982. The rest of a complex $21 million public and private financing package will be used to renovate the building and temporarily house its 89 residents elsewhere during construction.

The arrangement will allow the building to continue operating on a new 20-year Section 8 housing contract.

The
1200 Building is the nonprofit's second of four planned in downtown
Portland. In 2007, Cedar Sinai Park bought and renovated the Rose
Schnitzer Tower from Harsch Investment Properties.

"These projects are really quite remarkable in terms of their
complexity," Cedar Sinai Park CEO David Fuks said. "When you have
friends like the people at Harsch and friends like Jim Winkler who are
willing to help you, these are remarkable and defining moments that help
these kinds of deals come together."